Malta International Airport has proposed a net gross dividend of €0.03,5 per share after reporting a full year profit of €10.7 million.
The company also announced that Andreas Schadenhofer has been appointed chairman, succeeding Karin Zipperer who resigned on January 26.
The company said its result followed a significant increase in the volume of traffic through Malta International Airport last year.
Passenger traffic was up by 12.9 per cent from the previous year and aircraft movements were up by 10 per cent. Cargo figures dropped by 4.5 per cent.
Group revenue increased from €46.45 million to €51.34 million, an increase of 10.5 per cent over the previous year. Aviation revenue increased from €34.73 million to €38.39 million whilst Retail and Property (previously referred to as non-aviation revenue) increased from €11.26 million to €12.46 million.
The company said that profit before tax increased from €14.13 million to €16.97 million, an increase of 2O% The net profit increased from €8.84 to €10.69 million.
MIA said the results reflected the increased volume of traffic mentioned earlier but they also highlighted the efforts made by the group to contain costs as much as possible notwithstanding the higher volume of passengers who passed through the terminal and a significant hike in the rates for utilities last year.
Revenues from the airport segment, which consist mainly of regulated fees, were up by l0.5 per cent - from €34.73 million to €38.39 million. This segment constituted 74.8 per cent of the group’s total revenues.
The retail and property segment increased by 10.7 per cent; from €11.26 million to €12.46 million. Significant increases in this segment were registered in the car park business, retail and catering outlets and in rents.
The revenues from the retail and properties segment constituted 24.3 per cent of the group’s total revenue.
The key element of success in the airport business was not only to increase the volume of traffic that passed through the infrastructure but also to contain costs as the increases.
Operating costs in 2010 increased by €1.84 million. However, a good part of this increase was due to the massive increase in the utility rates of €1.09 million. In fact, the total cost of utilities in 2009 was €1.83 million, shooting up to €2.92 million in the following year
Staff costs also increased by 6.3 per cent or €0.53 million. The group initiated an early retirement scheme.
Significant cost reductions were made in maintenance, cleaning and in telecommunications, the company said.
During the year the group carried out numerous infrastructural investments.
The single largest investment during the year was the building of the Skyparks Business Centre which at the end of December amounted to €2.84 million.
The whole project is expected to cost €16 million and is expected to be completed by the third quarter of this year.
MIA forecast a consolidation of last year’s record number of 3.29 million passengers.
The group’s profit after taxation amounted to €10,691,217 (2009: 68,842,463).